Not sure how to make a savings plan? Read on…
Latest News
How to invest as a teenager in Canada + MORE Aug 13th
If you’re starting to save the money you’ve received from birthdays, holidays and part-time jobs, you may be wondering how you can invest your savings. An important life lesson for any young person is the habit of saving—so, investing those savings for some teenagers can be the next step. .... More »
From RRSP to RRIF—managing your investments in retirement + MORE Nov 19th
Retirement brings many changes in a person’s life and your investment portfolio is one of them. Tracy Andrade, a wealth adviser and certified financial planner at Marnoa Private Wealth Counsel, says it’s challenging for people to see their savings start to decline as they begin spending .... More »
How to plan for retirement when you have no pension + MORE Sep 10th
In years past retirement planning was relatively easy. Fifty years ago, more than half of working Canadians, and an even higher proportion of men, could fall back on a corporate or union pension plan as their main source of income in retirement.
That’s no longer the case. Just 38% of paid work.... More »
The 8 weirdest things you can bet on at Super Bowl 50 + MORE Feb 10th
The Super Bowl is this Sunday and, as with any major sporting event, there are plenty of people betting on the outcome of the game. But that’s not the only aspect of the big night that Vegas oddsmakers are taking wagers on. You can place a bet on everything from the result of the coin toss to .... More »
Ontario Fall Economic Update: Small Businesses Get Tax Cut; Minimum Wage Hike Moves Forward + MORE Nov 23rd
The Ontario government recently published its Fall Economic Statement which outlined some new tax breaks for small businesses and further acknowledged its plans to increase the minimum wage in the new year.
Good news for small businesses
For businesses that earn less than $500,000, the corporate in.... More »
How a grad paid off $48,000 in loans in one year
– thestar.com
As part of extreme debt diet, Daryl Marritt sold his car and his bike, bartered and lived at home.How to gift money to your children
– moneysense.ca
Q: I would like to give some money to my children while I’m still alive. If I take it out of my RRIF, is there any way to reduce the income tax? I would be paying at least 40% in taxes and maybe more if Prime Minister Trudeau has his way. I heard somewhere that maybe I can gift it to them through a trust fund?
— Carmen
A: I think that considering an early inheritance for your children can be a fabulous idea. If you have a lot of money, it can help to stagger the shock of a sudden windfall for your children. And if you only have a little to pass along, it may be “a lot” for your kids – especially if they are at a point when they really need it.
In your case, Carmen, a Registered Retirement Income Fund (RRIF) withdrawal can be an expensive way to pass the money along. Withdrawals from a registered account like a RRIF are fully taxable and added to your other income for the year. If you have $25,000 of income and live in BC, you might pay 22% tax on an additional $10,000 withdrawal…
— Carmen
A: I think that considering an early inheritance for your children can be a fabulous idea. If you have a lot of money, it can help to stagger the shock of a sudden windfall for your children. And if you only have a little to pass along, it may be “a lot” for your kids – especially if they are at a point when they really need it.
In your case, Carmen, a Registered Retirement Income Fund (RRIF) withdrawal can be an expensive way to pass the money along. Withdrawals from a registered account like a RRIF are fully taxable and added to your other income for the year. If you have $25,000 of income and live in BC, you might pay 22% tax on an additional $10,000 withdrawal…
Wells Fargo names company veteran Tim Sloan president and chief operating officer
– canadianbusiness.com
SAN FRANCISCO – Wells Fargo & Co. is naming a long-time company veteran its president and chief operating officer, a new position.
The San Francisco-based bank said Tuesday that Tim Sloan will take on the role effective immediately. The executive will retain his current role as head of wholesale banking and will report to Chairman and Chief Executive John Stumpf.
Sloan, 55, joined Wells Fargo in 1987.
Wells Fargo has been diversifying into other businesses beyond mortgage lending and retail banking. The company announced last month it would buy General Electric’s commercial lending business, which has roughly $32 billion in loans.
The post Wells Fargo names company veteran Tim Sloan president and chief operating officer appeared first on Canadian Business – Your Source For Business News.
The San Francisco-based bank said Tuesday that Tim Sloan will take on the role effective immediately. The executive will retain his current role as head of wholesale banking and will report to Chairman and Chief Executive John Stumpf.
Sloan, 55, joined Wells Fargo in 1987.
Wells Fargo has been diversifying into other businesses beyond mortgage lending and retail banking. The company announced last month it would buy General Electric’s commercial lending business, which has roughly $32 billion in loans.
The post Wells Fargo names company veteran Tim Sloan president and chief operating officer appeared first on Canadian Business – Your Source For Business News.
How a grad paid off $48,000 in loans in one year
– thestar.com
As part of extreme debt diet, Daryl Marritt sold his car and his bike, bartered and lived at home.What The Liberals' Tax Promises May Mean For Your TFSA
– walletpop.ca
Because good things come to those who wait…
Just moments after being sworn in as our new Prime Minister, Justin Trudeau and his cabinet announced that Parliament will reconvene on December 3 and immediately turn their attention to taxes. While the priority focus will be on marginal tax rates for the middle class and those making more than $200,000, it’s worth paying attention to a proposal that was a key promise from the Liberals: rolling back TFSA contribution limits from $10,000 to $5,500.
In July, you heard from me about what a TFSA is and that Canadians are largely unsure of how TFSAs work. This is why the election season debate about contribution limits was so interesting to me — while the majority of Canadians are unlikely to have a spare $10,000 they can readily deposit into a TFSA, it is still a valuable savings vehicle we need to consider.
TFSAs and RRSPs are a critical part of long-term tax planning, regardless of your income. It’s about doing as much as you can now to put money away for later in life…
